Setting a price on Amazon or e-commerce in general is a skill that needs to be developed when you fully embrace the world of e-commerce.
There are surprising effects whether you move the price up or down.
Raising the price (surprising effects)
There are products that require a high price. “High” is relative to cost, competitors, branding, etc. But it is true that there are certain types of products where a product must have a minimum price. If you go below that price, the potential customer begins to suspect that such a product cannot be sold for so little and that there must be a hidden problem.
We have seen more than once that a 30-50% increase in price has had an equally large impact in terms of increased sales. We have also seen that raising the price has had no impact on demand that was already at a good level, which is also positive. At very low prices, going from 10.99 to 11.99 is not going to show big changes in terms of demand, especially if you have a product with little competition, which makes comparison difficult.
Similarly, going from 75.99 to 77.99 often does not have big changes. Another thing can be going from a price close to going to the bahamas phone number library first digit to the next highest. Here, making a change from 59.99 to 63.49 can be problematic, especially if you are moving in a very competitive niche.
Lowering the price and psychological prices
It seems unbelievable, but Skep vinnig pragtige e-posse met ons gratis e-possjablone lowering the price by 1 cent can make a (small) difference. It also seems unbelievable that sometimes we as a team still put prices of 17.00 on products today. Don’t you think that 16.99 is a much better price and without knowing the offer, it seems more attractive to you? That’s not india data telling you anything new. Psychological prices exist and are real.
Lowering the price used to be more relevant because you could earn more if it meant your product would qualify for “small and light.” This is something that Amazon has unfortunately left behind. So I’ll tell you straight up: I don’t like lowering prices.
We often do this with new products
Lower the barrier to entry for the product. Especially when you make Vines, the people who rate you also always take into account the price-quality ratio. You’re not doing yourself any favors by starting off high with the final (high) price.
Bottom line: you have to do your own testing. Lower and raise your prices and see the changes. Do A/B tests and measure the evolution. Only with data can you make the right decisions.
